LendingPoint is an online lender offering personal loans to fair credit borrowers. With several personal loan types available, it’s easy to get financing for just about any kind of project.
Even better is that LendingPoint uses a holistic approach to the loan application process, rather than relying solely on your credit scores.
LendingPoint Personal Loans
LendingPoint offers loan amounts ranging from $3,500 to $25,000.
The loan term is 2 to 4 years. Like most other lenders, LendingPoint charges an origination fee when you first take out the loan, but with a flat fee of 5%, you don’t have to worry about that number fluctuating based on your credit.
You also get the bonus of either paying that fee upfront or choosing to spread it out over your monthly payments.
The downside to LendingPoint is that its interest rates are relatively high compared to its competitors, but that could be because they focus on fair (not excellent) credit applicants. Personal loan rates range from 9.99% to 35.99% APR.
Borrower Requirements
How can you qualify for a LendingPoint personal loan? First, you’ll need to meet a few basic requirements.
- You must be at least 18 years of age.
- You must be a U.S. citizen or permanent resident.
- You must have a Social Security number.
- You must show proof of a U.S. bank account.
- Minimum credit score of 600.
- Minimum gross annual income $25,000.
- A debt-to-income ratio of 45% (meaning that all of your monthly debt obligations can only take up 45% of your monthly income amount.)
LendingPoint lends to people in all 50 states and the District of Columbia except for West Virginia.
LendingPoint Personal Loans Application Process
When it comes time to apply for a personal loan, you can receive a decision in as little as just a few minutes. However, to get this fast service, it helps to have a few resources on hand before you get started.
Gather your proof of employment and income, recent bank statements, a voided check, as well as your driver’s license (or any other government-issued identification).
You can then input all your personal and financial information online before reviewing and selecting your loan options. You also have the opportunity to get a pre-approval, which allows you to view your loan terms without having a hard pull affect your credit.
Once You’re Approved
When your personal loan application is approved, you’ll receive different loan options to choose from. These may vary based on the interest rate, loan amount, and the length of time you wish to repay the loan. Lending Point now offers loan terms of 24 to 48 months.
After you choose one, you’ll sign the loan agreement and receive your funds as soon as the next business day. You can elect to get your money either through check or direct deposit, both of which are convenient options.
When it’s time to make a payment, you don’t have to worry about prepayment penalties. So if you have extra cash to put towards your payments and want to save money on interest, in the long run, you can do that.
If you’re late on your payment, note that you’ll be charged a $30 fee each time. On the plus side, you can pay via personal check without incurring any penalties, which is typical among other lenders.

LendingPoint Personal Loans Special Features
A convenient feature from LendingPoint is the ability to set up ACH payments so that your monthly payment is automatically debited from your account each month. It’s a great way to regularly stay on top of your bills without worrying about incurring any late fees.
Just make sure you have the money in your account before your due date. If you don’t want to enroll in autopay, you can also pay directly online at your convenience or mail in certified funds.
It’s also helpful to know that LendingPoint reports your loan activity to two of the three major credit bureaus; TransUnion and Experian. So while Equifax won’t currently receive records of your payments, you can rest assured that two out of three of your credit scores will benefit when you make regular, on-time payments.
LendingPoint History
LendingPoint has been on the fast track to success after only being in operation for a few years. In 2018, the company funded $9.2 billion in unsecured personal loans after processing 850,000 loan applications. Its founder and CTO, Franck Fatras, has a history in the industry, having built the loan management system for one of the nation’s largest lenders.
LendingPoint Reviews
One of the best ways to research online personal loan lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.
LendingPoint currently has a Better Business Bureau (BBB) rating of A+, indicating excellent customer service. They also have very few complaints. You can find more LendingPoint reviews at other review sites as well.
What to Know About LendingPoint Personal Loans
Before you get started pulling together your application information, find out whether a loan from LendingPoint makes sense for you. Here are some things to think about before you make a final decision.

What is your credit history like?
While you only need a minimum credit score of 600 to be eligible for a LendingPoint loan, the company looks holistically at your credit report.
This can work to your advantage in some situations because they consider your credit history beyond just your credit scores. But depending on the contents of your credit report, it could hurt your chances for a loan.
Here are some other factors that LendingPoint considers when evaluating loan applications: credit card debt, current delinquencies, bankruptcies, charge-offs from the past 12 months, and open tax liens. They’ll also look at your employment history to ensure you can expect a steady income during the loan repayment period.
Once LendingPoint takes all of this information into account, your application is assigned a corresponding grade. Again, this doesn’t necessarily equate to your credit score but instead gives a broader representation of your credit history.
This method can also be helpful if you have thin credit, meaning you don’t have a lengthy credit background. If, however, you have multiple charge-offs, delinquencies, or other major negative items, you might consider looking elsewhere since LendingPoint focuses on fair credit (and thin credit) borrowers.
What type of financing do you need?
LendingPoint requires that you designate an intended use for your funds to help match you with the best loan. It’s essential to then stick to what you stated in your loan application. Luckily, there are countless options for a personal loan with this lender. The most common options include:
- Debt Consolidation: Pay off your existing creditors with funds from your loan so you have just one easy payment. Ideally, you’ll save money with a lower interest rate, too.
- Home Improvement: Work on renovating your house without tapping into your home equity. Funding your home improvement project with a personal loan can be much faster than waiting for a refinance or HELOC.
- Car Loans: These can be used either to buy a new car or repair your existing vehicle.
- Medical Bills: If you’ve been hit with unforeseen medical expenses, consider paying them off with a personal loan — assuming you can’t strike an interest-free repayment plan directly with your medical provider.
- Life Events: Whether it’s your wedding day or the vacation of your dreams, you can use your LendingPoint loan for a joyous occasion.
- Moving Expenses: This way you don’t have to worry about the cost of a move preventing you from taking a chance on a new chapter of your life. Whether it’s for a new career or to be closer to the ones you love, you can finance your move and save yourself a lot of frustration (not to mention aching bones).
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